WTI crude settled at $104.12 a barrel on October 30, 2026, ending the month up about 15%. Brent's January contract settled at $113.43, a gain of about 14% for the front month. Renewed attacks around the Strait of Hormuz drove the rally, while emergency stock releases and a modest rebuild at Cushing did little to cap it.
October in Numbers
| Settlement | WTI | Brent |
|---|---|---|
| October 1 | $92.87 | $102.31 |
| October 16 | $101.41 | $109.86 |
| October 28 | $102.78 | $115.32 |
| October 30 | $104.12 | $113.43 |
Front-month futures as reported by Wikipedia's oil market chronology, CNBC and FinanceFeeds. Brent's October 30 figure is the January contract, after the December contract expired at $117.64, so it is not directly comparable with October 28.
What Drove Prices
- Shipping attacks: one weekly market summary counted 43 UKMTO-logged security incidents in October, 30 of them direct strikes on tankers. On October 30, FinanceFeeds reported, citing UKMTO, that a tanker in the strait was struck by explosive devices attached from a small boat.
- Hormuz flows: our earlier explainer described a partial reopening in September. A tracker citing IMF PortWatch showed just 2 transits on October 25, against about 85 a day before the crisis, although that feed was flagged as degraded and stale, so treat the figure as indicative.
- Saudi Arabia: CNBC reported that the Houthis said they had attacked the Ras Tanura refinery.
- Military signals: CNBC, citing the Wall Street Journal, reported on October 28 that the US had told Gulf countries to prepare for a "short but intense military campaign" after the midterm elections.
Why the WTI-Brent Gap Looks Different by Source
The gap between front-month futures was about $9 on October 30. EIA spot data tells a sharper story: Brent spot averaged $124.83 and WTI $101.38 in October through the 27th, a gap of about $23, up from about $17 in September. Spot Brent reflects scarce prompt physical cargoes, so it can pull far above futures during a disruption. Read the WTI-Brent spread explained for more.
Stocks: Cushing Rebuilds, the SPR Keeps Falling
EIA data shows Cushing stocks rose from 24.7 million barrels in the week ending October 2 to 27.6 million on October 16, then eased to 27.0 million on October 23. That is well above July's low of 18.6 million but low against working capacity of about 78 million. Follow it each week on our Cushing inventories page.
The Strategic Petroleum Reserve held 282.6 million barrels in the week ending October 23, and Fortune reported it is on track to reach about 243 million barrels once final deliveries are made. Fortune also reported that G7 members agreed a further 100-million-barrel release through the IEA on October 2. See our SPR guide.
What to Watch in November
- OPEC+: seven core members were due to meet online on November 1, and Reuters sources quoted by FinanceFeeds expected December targets to stay unchanged. No result was available when this was written.
- Hormuz traffic: Iran says the strait can reopen quickly if the US accepts its conditions. The US has not publicly accepted them.
- US politics: the midterm elections and any military action that follows.
- Weekly EIA data: Cushing, exports and the pace of SPR deliveries.
Check the live WTI chart for current prices, as this article reflects the market at the end of October.
Frequently Asked Questions
How much did WTI rise in October 2026?
WTI rose about 15.2% in October 2026 and settled at $104.12 a barrel on October 30, according to market reports.
Why did oil prices rise in October 2026?
The main driver was a renewed increase in attacks on shipping around the Strait of Hormuz, along with reported attacks on Saudi energy sites and rising concern over further military action.
Why is Brent spot so far above Brent futures?
Spot Brent reflects prompt physical cargoes, which are scarce during a supply disruption. Futures price later delivery, so the two can diverge sharply.
Sources
- CNBC — Oil price today (Oct 28, 2026)
- FinanceFeeds — Brent crude oil price at $113.43
- Oil Monitor — Weekly summary
- Straits.live — Daily brief, Nov 1, 2026
- Fortune — IEA emergency stocks and GAO (Oct 12, 2026)
- Wikipedia — 2026–2028 world oil market chronology
- EIA — Cushing weekly stocks
- EIA — SPR weekly stocks
- FRED — WTI spot (DCOILWTICO)
- FRED — Brent spot (DCOILBRENTEU)
Disclaimer: This article is for general information only and is not investment advice.